Intelligent CXO Issue 16 - Page 51

INTELLIGENT SECTION

FINANCE SALES & MARKETING HR SOLUTIONS EMPLOYEE ENGAGEMENT

59 % of marketers confused by changing consumer priorities

New research from the Chartered Institute of Marketing ( CIM ) reveals that the majority of marketers ( 59 %) are finding it harder to predict the fast-changing consumer priorities following the pandemic and this is causing concern over the future of the brands they represent .

The survey , which explores the views of 500 UK in-house and agency marketing professionals , shows marketers are concerned about the fitness of their business models . Nine in 10 ( 91 %) believe their brand must evolve to keep operating and over a quarter ( 28 %) feel there is even a need to radically overhaul their business model within the next decade in order to survive .
Rising consumer priorities
The research shows that the pandemic and rising inflation have increased consumer ’ s expectations of brands , with a clear prioritisation of convenience , ‘ value ’ and ‘ values ’.
According to marketers , convenience tops the table of the fastest-growing consumer needs ( 83 %), closely followed by value for money and environmental impact tied at second place ( 78 %). Companies ’ performance on diversity and inclusion is in third place ( 74 %), followed by shopping locally ( 73 %). Interestingly , having a physical store to visit is one of the least important consumer needs ( 38 %), highlighting a notable shift towards online shopping .
FOUR-FIFTHS ( 78 %) OF MARKETERS BELIEVE IT IS THEIR ROLE WITHIN THEIR BUSINESS TO REPRESENT THE VOICE OF THE CUSTOMER .
Recently , a number of high-profile brands have redrawn their marketing strategy to target this consumer focus on ‘ value ’ and ‘ values ’. John Lewis Partnership ’ s transition from its popular ‘ Never Knowingly Undersold ’ to a focus on ‘ Quality and Value ’ demonstrates a direct response to consumer needs given rising inflation . However , for marketers and marketing to really demonstrate the value it can add , has to go beyond campaigns , it is the broader actions that sit behind the campaigns that will make the difference .
“ We are living through extremely turbulent times ; from the pandemic and the ongoing climate crisis – to rising inflation and most recently the Ukraine crisis . It ’ s clear from today ’ s results that consumers now expect brands to do more than just deliver value , but also actively engage with societal and political issues . If our industry is to really bounce back , marketers must invest time in getting to know their customers and carefully consider what matters to them most .”
The ways marketers can adapt
Four-fifths ( 78 %) of marketers believe it is their role within their business to represent the voice of the customer , however it is clear many are struggling to understand changing consumer habits . One of the ways professionals are trying to keep pace is through using new technologies – such as customer experience management tools that garner key shopping insights – with three in five ( 60 %) investing or intending to invest in such tools .
Balancing the evolving needs of customers , meeting business objectives and , taking actions which address the enormous societal and environmental issues that the world is currently facing incredibly challenging , but one that needs to happen . x www . intelligentcxo . com
51